{"id":821688,"date":"2025-03-04T16:27:33","date_gmt":"2025-03-04T21:27:33","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fuel-tech-reports-2024-fourth-quarter-and-full-year-financial-results\/"},"modified":"2025-03-04T16:27:33","modified_gmt":"2025-03-04T21:27:33","slug":"fuel-tech-reports-2024-fourth-quarter-and-full-year-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fuel-tech-reports-2024-fourth-quarter-and-full-year-financial-results\/","title":{"rendered":"Fuel Tech Reports 2024 Fourth Quarter and Full Year Financial Results"},"content":{"rendered":"
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WARRENVILLE, Ill., March 04, 2025 (GLOBE NEWSWIRE) — Fuel Tech, Inc. (NASDAQ: FTEK)<\/strong>, a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today reported financial results for the fourth quarter (Q4) and full year ended December 31, 2024.<\/p>\n

\u201cRevenues for full year 2024 came in at the lower end of our guidance range of $25 million to $26 million, due primarily to the impact of delayed project execution and to the timing of Air Pollution Control (APC) awards offset by a stronger performance at our FUEL CHEM\u00ae<\/sup> business segment,\u201d said Vincent J. Arnone, President and CEO. \u201cWe continued our stewardship of selling, general and administrative expenses and ended the year in a strong financial position, with approximately $30 million in cash and investments, and no long-term debt.<\/p>\n

\u201cWe believe that performance for the FUEL CHEM segment will improve in 2025, driven by a return to normalized chemical program utilization at our base accounts following extended plant outages at certain sites during the year, and incremental year-on-year contributions from a new commercial program on a coal-fired unit that commenced in the fourth quarter of 2024. We are pursuing an additional new FUEL CHEM account opportunity, starting with a demonstration of our TIFI\u00ae<\/sup> Targeted In-Furnace Injection\u2122 technology that will likely commence in late third quarter of this year.\u201d<\/p>\n

Mr. Arnone continued, \u201cWhile our overall results were negatively impacted by performance within the APC segment, we recently announced new awards of $1.6 million with an expectation to sign new contracts between now and early in the second quarter of 2025 with an aggregate value of between $4 million and $5 million. We are also pursuing separate opportunities with the operators of municipal waste combustion units who are being driven to meet lower emission requirements due to specific state regulatory requirements, as well as with entities associated with the development of data centers.<\/p>\n

Data centers offer a promising opportunity for Fuel Tech\u2019s emissions control solutions, including our SCR and ULTRA\u00ae technologies.\u201d<\/p>\n

Mr. Arnone concluded, \u201cWe are also continuing to pursue the growth and development of our Dissolved Gas Infusion (DGI\u00ae<\/sup>) technology. We will commence an extended demonstration at a fish hatchery in the Western U.S, our second at an aquaculture facility, early in the second quarter of 2025. We continue to receive inquiries regarding DGI from potential customers in multiple end markets and we are hopeful that we can generate our first commercial revenues in 2025. We are looking forward to showcasing DGI at Aquaculture 2025 being held in New Orleans March 6-10, 2025.\u201d\u00a0<\/p>\n

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\n Q4 2024 Consolidated Results Overview <\/u>
\n <\/strong>\n <\/p>\n

Consolidated revenues for Q4 2024 declined to $5.3 million from $6.3 million in Q4 2023, primarily reflecting lower APC segment revenues.<\/p>\n

Consolidated gross margin for Q4 2024 declined to 42.3% of revenues from 51.1% of revenues in Q4 2023, reflecting decreases in both APC and FUEL CHEM gross margins compared to Q4 2023.<\/p>\n

SG&A expenses increased to $3.9 million from $3.7 million in Q4 2023, reflecting an increase in employee related costs and other expenses.<\/p>\n

Interest income was flat at $0.3 million and related primarily to interest received\u00a0on the held-to-maturity debt securities and money market funds.<\/p>\n

Net loss in Q4 2024 was $(1.9) million, or $(0.06) per share, compared to net loss of $(539,000), or $(0.02) per share, in Q4 2023.<\/p>\n

Consolidated APC segment backlog at December 31, 2024 was $6.2 million compared to $6.4 million at September 30, 2024 and $7.5 million at December 31, 2023. Consolidated backlog at December 31, 2024 did not include $1.6 million of new APC contracts awarded and announced in the first quarter of 2025.<\/p>\n

APC segment revenue decreased to $1.8 million from $2.8 million in Q4 2024. APC gross margin declined to 35.9% from 55.0%, primarily due to product mix.<\/p>\n

FUEL CHEM segment revenue remained steady at $3.5 million. Segment gross margin declined to 45.5% from 48.0% in Q4 2023.<\/p>\n

Adjusted EBITDA loss was $(1.8) million in Q4 2024 compared to Adjusted EBITDA loss of $(0.6) million in Q4 2023.<\/p>\n

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\n 2024 Full Year Overview <\/u>
\n <\/strong>\n <\/p>\n

Consolidated revenues for 2024 declined to $25.1 million from $27.1 million in 2023, driven by lower APC revenues, partially offset by an increase in FUEL CHEM revenues.<\/p>\n

Consolidated gross margin for 2024 was 42.3% compared to 43.0% in 2023, reflecting slight declines in both APC and FUEL CHEM gross margins.<\/p>\n

SG&A expenses for 2024 increased to $13.8 million, or 54.8% of revenues, from $12.8 million, or 47.3% of revenues, in 2023, reflecting an increase in employee related costs and other expenses.<\/p>\n

Interest income was roughly flat at $1.3 million.<\/p>\n

Net loss for 2024 was $(1.9) million, or $(0.06) per share, compared to net loss of $(1.5) million, or $(0.05) per share, in 2023.<\/p>\n

Adjusted EBITDA loss was $(2.2) million in 2024 compared to Adjusted EBITDA loss of $(2.0) million in 2023.<\/p>\n

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\n Financial Condition <\/u>
\n <\/strong>\n <\/p>\n

At December 31, 2024, cash and cash equivalents were $8.5 million, short-term investments were $10.2 million, and long-term investments totaled $10.9 million. Stockholders\u2019 equity at December 31, 2024 was $42.0 million, or $1.37 per share, and the Company had no debt.<\/p>\n

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\n Conference Call<\/u>
\n <\/strong>\n <\/p>\n

Management will host a conference call on Wednesday, March 5, 2025 at 10:00 am ET \/ 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:<\/p>\n